₦airaland Forum

kokegbe:
International bank transfer are 2 types. One is bank to bank ie you that wants to transfer should have a foreign currency account aka domicilliary account ie pound or dollar account. The second type is form A. Form A u need a current account in naira, the bank will then pay for u in the foreign currency you apply for. for form A most banks will charge 1% as charge, 0.5% of charge as VAT, #4000 as telex charge, then about $18 as offshore charge. Yes they do use CBN rates. I myself paid with my card over the weekend, i was charged #338 to 1GBP. For card there are no extra charges. NB: i applied for form A but was declined because i didn't have my university certificate, my school says it's not ready but the bank refused stating that it's a cbn requirement. Which is better? It's your choice. card is faster cos ur payment reflects immediately, but form A seems to be more strict in terms of cbn rates ie you will still pay less than card inspite of the charges. hope u get?

You don't need a current account for Form A transactions.
Any account would do just fine, once you have given the bank an authorisation in writing to debit your account for the transactions.
All mine was done with a savings account. #$afe#

chenn:
thank you! GTB said I can use my savings mastercard but I afraid of the rate they going to use! I hope you took note of COT charges in your calculation since Form A transaction is debited from current account

The information that you require a current account for Form A is very wrong.
I did mine with my savings account 3different times in 3different first bank branches in Owerri.

There are some conflicting posts here.
Please for those of you hoping to use Form A in making payments, here are my candid advice.

*Form A should never take you up to 3weeks (at most 48hours) if you have the complete documents. namely: photocopies of;

1. Your Degree Certificate
2. Data Page of your international passport.
3. Mandate of payment i.e any document bearing your name with stipulated amount to be paid.
4. Funded account from which you are to write an authorisation letter requesting the bank to debit you account and other applicable charges.

* You must have an account with the bank, this shouldn't be a problem as you can open an account in 3hours and it becomes live.

* Form A is being processed in all banks Head Quarters not branches.
branches sends completed forms to headquarters for action, once u meet the criteria it can happen in 24hours if not they bounce your Form A pending when you meet the requirements. Hence get the phone number of the person making the payments.

* The above Form A requirements are CBN requirements not individual bank requirements.

* Once it goes through, Get your receipt of payment, its called the telex copy. then send to the receiver so they can trace the payment in your name.

*Your Principal amount is charged based on CBN rates (selling rates for banks)

*If you are paying for school issues, Always capture your student I.d number or application number on the form A (maybe just after ur name u bracket it.)

Charges involved include:
1. Swift Charges; This is like the middle man charge I.e the person brokering the international transfer.
2. VAT
3. Offshore Charge.
4. this depends on schools, some would make u pay for the cost of them accessing the fund from the country e.g Bank of Scotland .

Form A is a form of payments marketers are so happy with compared to master card payment as amount you pay is captured as part of there monthly target so every marketer is happy to help unfortunately only a very few knows much about it.

I have done 3 different Form A payments 3 different FirstBank Branches Owerri since June all went within 24hours.
I can direct you to the bankers handling Form A in FBN don't waste your time with GTB Owerri on Form A. They are disillusioned with the idea of Form A transactions.

Note: Every offshore transfer ends 2pm Mon-Fri CBN policy.
Savings account can do Form A transactions

Just as UK tier 4 Visa application is so hyped, so also is Form A. in the end you find out its a simple and sweet method of payments.

Kriptic:
University of Aberdeen here. You?

Kriptic and PweedyB pls mail me ugochukwumarcus@gmail.com or drop urs so I can mail... seems we are all heading to Aberdeen.

PweedyB:
Interesting interview, who is going to aberdeen?

Finally someone going to Aberdeen is here!
I should be there by 25th of August.
to undertake MSc Petroleum Engineering.

Have you been in touch with blessing egbe Aberdeen Nigeria rep?
where u @ the pre-departure session held during the wee?

spikesC:
Yes, it's a new rule

Really don't think its a rule, maybe varies with schools.
I got my CAS for Aberdeen few days ago.
My colleague got for lobourough without paying any form of fees.
Mail ur sch.. they would reply.
Except if its an Agent solely repping ur sch.. that way his email address would beer ur sch domain name. e.g abcd.xyz@Aberdeen.ac.uk... Only then I advice u do as he say tho there is no harm in getting clarifications from ur sch..afterall u would b paying millions to them.

teeboy03:
hi guys,

Is it possible to terminate a transaction before d tenure maturity date say 7months into a one year tenure.

If possible, what is d procedure involved?


thanx.

Contact your bank!

As long as profit and loss exists in financial accounting, Everything is possible in monetary exchange especially when a bank is possible.

Chillisauce:
I was told GTbank lost their bids for 365days?
How does this go. Does each branch of a particular bank bid differently or they bank stick with one bid?

""

I did GTB 365days.. summited personal bid of 12.75% GTB Anthony Village Ikeja through my account officer and CBN closing rate was 12.8%.. Thus, bid was successful.

Depends on your specified minimum bid rate and if you are going with bank rate.. then u take whatever they tell u or give you..simply because you weren't in charge of your bidding.

My advice, next bidding be in charge of your bid...
Take a lil risk even though I see no risk at all..nobody is taking your money even if you loose out on closing bids.
Go thru CBN website, check up the rates for various tenors in at least the last four or five previous bid listings.. Then you can predict the boundary bids for the next bidding.
if you have decided on your rate, Then write to your bank thru. any of its branches giving them an order to purchase T. Bills for you on a specified bid and tenor.

That way, they dare not default cos u can actually sue dem assuming u are bidding with lots of cash.

Simply because YOU ARE IN CHARGE!!!